MGM Reversal? MGM Growth Properties announces dividends!

Company Name:...

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Company Name: MGM Growth Properties LLC 

Ticker: (MGP)

Exchange: NYSE


Company Summary:

MGM Growth Properties LLC (NYSE:MGP) is one of the leading publicly traded real estate investment trusts engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts, whose diverse amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings. MGP, together with its joint venture, currently owns a portfolio of properties, consisting of 12 premier destination resorts in Las Vegas and elsewhere across the United States, MGM Northfield Park in Northfield, OH, Empire Resort Casino in Yonkers, NY, as well as a retail and entertainment district, The Park in Las Vegas.

Why did it go up over 100%?

MGM announced that its board of directors declared a quarterly cash dividend of $0.525 per Class A common share for the fourth quarter. On an annualized basis, the dividend of $2.10 represents an increase of $0.02 per share. This is the 15th dividend increase since MGP’s initial public offering in April 2016. The dividend will be payable on January 14, 2022 to shareholders of record as of the close of business on December 31, 2021.

5 Day Chart

Technical Analysis:

A head and shoulders pattern has been detected and a reversal might be under way. Be careful with the resistance at $38.11 but with the news of the dividend and the reversal yesterday this could be a good play!

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